The real estate market has been one of the hottest markets in spite of COVID-19. Historically low rates have stoked the fire encouraging buyers to make their purchases and take advantage of the additional buying power. With this increased pool of buyers and extremely low inventory, many buyers have learned they are up against steep competition in a hyper competitive market.Here are a few tips to consider when you are in a multiple offer situation:
- Don’t focus on the sales price. This may seem counter intuitive but most people have a monthly budget and this is how they look at their future payment. Don’t sweat going $10,000 over if you really want the house. At the end of the day it is cost of a pizza dinner a month.
- Draw your line. This may be one of the most important factors to consider. You need to be comfortable in your decision and not regret it after you can no longer back out. Draw your line and just understand sometimes someone just wanted it more.
- Work with an agent. Some buyers believe that not having an agent will help with their offer but in fact, many sellers look at it as a disadvantage. A buyer without an agent can be perceived as difficult to work with and the sellers agent will end up doing twice the work. Agents can help you because they have many existing relationships, knowing the market and have expert guidance throughout the process. If you are looking for an agent ask a friend or colleague you trust for a referral.
Buying a home is an exciting process but it can also be stressful. If you are thinking about entering the market, give us a call and we can help guide you through the process and the ever changing conditions.